By EDUARDO BRAVO LOSADA, CPA
The Committee on Payment and Settlement Systems or CPSS and the Technical Committee of the International Organization of Securities Commissioners or the IOSCO (whose members include the SEC and the CFTC) published the final report of the Principles of Financial Market Infrastructures or FMIs.
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By EDUARDO BRAVO LOSADA, CPA
Argentina has already held talks with leading oil companies on shale resources
The Spanish energy firm Repsol, whose Argentine unit YPF was nationalized last week, is considering legal action against companies that help Argentina exploit shale oil and gas sources the company had planned to tap. Argentine officials have wasted no time in lining up potential investors. They met last week with executives of French-owned Total Austral and Brazil's Petrobras. They planned to meet yesterday with executives from Chevron, ExxonMobil, and Apache, the AP reports.
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By EDUARDO BRAVO LOSADA, CPA
Guernsey is, for many, the jurisdiction of choice for the establishment and/or administration of all types of collective investment vehicle, including private equity, hedge and property funds, across a wide range of asset class.
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By EDUARDO BRAVO LOSADA, CPA
The EBA has published its first report on the results of the Basel III monitoring exercise, as a follow-up to the comprehensive European quantitative impact study conducted to analyse the impact of the new requirements and published in December 2010.
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By EDUARDO BRAVO LOSADA, CPA
Legal reforms introduced at the end of 2010 played a significant part in regulating the criminal liability of legal persons for the first time in Spanish law.
The general public prosecutor has since circulated interpretive guidelines in this area.
Among other things, they specify the activities for which legal persons may be held liable, clarify the penalties to which they may be subject and address the issue of mitigation.
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By EDUARDO BRAVO LOSADA, CPA
Despite applying to renew certificate of sponsorship allocations as early as January, many sponsors are finding that the requests have not yet been processed. This means that employers cannot sponsor further migrants under the Tier 2 category until the new allocation appears on the sponsor management system.
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By EDUARDO BRAVO LOSADA, CPA
The Quebec minister of finance has announced that an omnibus bill containing modifications to Quebec's immigration programme will be proposed shortly. The bill will establish caps on the number of Quebec immigration applicants that may be accepted between March 21 2012 and March 31 2013.
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By EDUARDO BRAVO LOSADA, CPA
WTO accession in relation to Russian financial sector
On 16 December 2011 the 8th World Trade Organisation Ministerial Conference approved the Protocol of the Accession of the Russian Federation to the World Trade Organisation (the “Protocol”), which reflects the arrangements agreed in negotiations that have lasted for 18 years.
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By EDUARDO BRAVO LOSADA, CPA
The Income Tax Appellate Tribunal recently ruled that compensation received for a waiver of the right to acquire shares against capital advances is taxable. The assessing officer held that Rs100 million received by Natco Pharma Ltd as compensation for forgoing the right to acquire shares in Krishnapatnam Port Co Ltd should be taxed as short-term capital gains.
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By EDUARDO BRAVO LOSADA, CPA
The World Trade Organisation's Dispute Settlement Body recently adopted the Panel and Appellate Body reports in respect of the challenge brought by the European Union of subsidies granted to Boeing by the United States. The Appellate Body upheld most of the panel's earlier findings in respect of about $5.3 billion-worth of subsidies that were granted to Boeing by the United States.
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